According to a prominent institutional investor, crypto treasuries that lack genuine products and real-world utility face an uphill battle in the competitive digital asset landscape. The observation highlights a critical distinction in today's Web3 ecosystem: between projects built on hype and those backed by tangible technology or services. As the blockchain industry matures, market participants increasingly recognize that sustainable growth hinges on delivering actual value. Projects positioned with credible products, functional use cases, and active user engagement are showing stronger resilience compared to those relying solely on speculative appeal. This shift reflects a maturing market where investors and users demand more than promises—they want proven execution and measurable impact in the cryptocurrency space.